Two prominent ETF issuers advanced their XRP-based asset initiatives today. Grayscale launched trading on its XRP Trust fund, while 21Shares submitted an official application for an XRP ETF.

While Grayscale’s Trust fund holds potential for eventual conversion into an ETF, its long-term customer appeal remains uncertain.

The XRP ETF Race

Grayscale announced that its XRP Trust is now open to eligible accredited investors. Launched two months ago, this trust is seen as a possible precursor to an ETF. Grayscale previously converted its Bitcoin trust into an ETF after securing regulatory approval and is currently working to convert another fund into an ETF.

“Grayscale XRP Trust (the “Trust”) is one of the first securities solely invested in and deriving value from the price of XRP… avoiding the challenges of buying, storing, and safekeeping XRP directly. Shares of the Trust are designed to track the XRP market price,” the company claimed on its website.

Read more: XRP ETF Explained: What It Is and How It Works

The possibility of an XRP ETF is growing in the crypto space. Ripple’s CEO called eventual regulatory approval “inevitable”, and several firms have already filed their own petitions. Grayscale’s non-ETF trust strategy has been reliable in the past, allowing for early profits. However, this looser structure also has downsides: the XRP Trus

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Author: Landon Manning